RSA accounting probe nearing completion

In 2013, it emerged that RSA had set aside insufficient reserves to cover future claimsALAMY

A long-running regulatory investigation into financial irregularities at RSA Insurance is nearing completion.

“I am informed by the Central Bank of Ireland that an investigation into RSA Ireland is ongoing and at an advanced stage,” said finance minister Paschal Donohoe last week in reply to a parliamentary question.

RSA needed a €500m rescue by its UK parent after it emerged in 2013 that insufficient reserves had been set aside to cover future claims. The discovery led UK accounting watchdogs to fine and sanction three senior executives at RSA Ireland.

Philip Smith, the firm’s former chief executive, and Peter Burke, the former claims director, were not investigated by the UK’s Financial Reporting Council (FRC) because it can only examine the conduct of professionals such as accountants…

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